Waiver of Default

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Document given by a creditor to a debtor, waiving a default by the debtor if certain terms and conditions are agreed upon.

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This Waiver of Default is given by a creditor to a debtor and sets forth in writing that the debtor is in default under the terms of a credit agreement. By this waiver a creditor agrees to waive the default if the debtor agrees to certain terms and conditions. A written Waiver of Default will prove valuable in the event of future disagreements or misunderstandings.

Among others, this form includes the following provisions:
  • Parties and Agreement Description: This provision sets out the names of the debtor and the creditor and the agreement in default;
  • Default: This provision sets forth in detail the particulars of the default, the amount due and the due date;
  • Signatures: The waiver must be signed in order for it to be effective.

Protect Yourself and Your Rights by using our professionally prepared up-to-date forms.

This attorney-prepared packet includes:
  1. General Instructions
  2. Waiver of Default for your state
State Law Compliance: This form complies with the laws of your state
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Waiver of Default

 

TO:   [Name of Debtor]
WHEREAS:
(A)   Pursuant to a [Type of Agreement (ie. Loan Agreement)] (the "Credit Agreement") dated [Date of Agreement (ie. July 31, 2002)] between [Name of Creditor] (the "Creditor") and [Name of Debtor] (the "Debtor"), the Creditor extended a credit facility to the Debtor in the amount of [Amount of Credit Facility (ie. $100,000.00)];
(B)   The Debtor has defaulted under the terms of the Credit Agreement (the "Default") by reason that [Detailed Particulars of Default (ie. the Debtor failed to make the payment due under the Credit Facility in the amount of $2,500.00 due on November 1, 2002)];
(C)   The Debtor has requested that the Creditor waive the Default; and
(D)   The Creditor is willing to waive the Default subject to the terms and conditions of this Waiver;
NOW THEREFORE in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:
1.   The Creditor hereby waives the Default.
2.   Nothing contained in this Waiver shall be construed or interpreted as constituting a waiver of (i) any breach by Debtor of any term or condition of the Credit Agreement; or (ii) any right to terminate the Credit Agreement, other than as a result of the Default.
3.   No changes or modifications to the Credit Agreement are intended or implied by this Waiver, and in all other respects the Credit Agreement remains in full force and effect in accordance with its terms as of the date hereof.  To the extent that any term or provision of this Waiver conflicts with any term or provision of the Credit Agreement, the term or provision of this Waiver shall control.
4.   This Waiver shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns.
5.   This Waiver may be executed in any number of counterparts, all of which counterparts when taken together shall constitute one and the same agreement.
6.   This Waiver and the rights and obligations hereunder of each of the parties hereto shall be governed by and interpreted and determined in accordance with the laws of the State of [State (ie. California)], without giving effect to conflicts of laws principles.
Dated this _____ day of ____________________, 20_____.
 
 
 
[NAME OF CREDITOR]
 
 
 
 
Per:
 
 
 
 
Name:   
Title:   
 
Number of Pages4
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28675
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Waiver of Default

 

TO:   [Name of Debtor]
WHEREAS:
(A)   Pursuant to a [Type of Agreement (ie. Loan Agreement)] (the "Credit Agreement") dated [Date of Agreement (ie. July 31, 2002)] between [Name of Creditor] (the "Creditor") and [Name of Debtor] (the "Debtor"), the Creditor extended a credit facility to the Debtor in the amount of [Amount of Credit Facility (ie. $100,000.00)];
(B)   The Debtor has defaulted under the terms of the Credit Agreement (the "Default") by reason that [Detailed Particulars of Default (ie. the Debtor failed to make the payment due under the Credit Facility in the amount of $2,500.00 due on November 1, 2002)];
(C)   The Debtor has requested that the Creditor waive the Default; and
(D)   The Creditor is willing to waive the Default subject to the terms and conditions of this Waiver;
NOW THEREFORE in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:
1.   The Creditor hereby waives the Default.
2.   Nothing contained in this Waiver shall be construed or interpreted as constituting a waiver of (i) any breach by Debtor of any term or condition of the Credit Agreement; or (ii) any right to terminate the Credit Agreement, other than as a result of the Default.
3.   No changes or modifications to the Credit Agreement are intended or implied by this Waiver, and in all other respects the Credit Agreement remains in full force and effect in accordance with its terms as of the date hereof.  To the extent that any term or provision of this Waiver conflicts with any term or provision of the Credit Agreement, the term or provision of this Waiver shall control.
4.   This Waiver shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns.
5.   This Waiver may be executed in any number of counterparts, all of which counterparts when taken together shall constitute one and the same agreement.
6.   This Waiver and the rights and obligations hereunder of each of the parties hereto shall be governed by and interpreted and determined in accordance with the laws of the State of [State (ie. California)], without giving effect to conflicts of laws principles.
Dated this _____ day of ____________________, 20_____.
 
 
 
[NAME OF CREDITOR]
 
 
 
 
Per:
 
 
 
 
Name:   
Title:   
 

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